BNP Paribas — Management Reports 2010

Apr 19, 2010

2009 RESTATEMENT

Paris, 19 April 2010

According to the integration plan, the activities of BNP Paribas Fortis and BGL BNP Paribas were split into the different business lines of BNP Paribas group and a new business line was created: BeLux Retail Banking, which encompasses the activities of retail and corporate banking in Belgium and Luxembourg, the new domestic markets of the Group.

As from the first quarter of 2010, the results of BNP Paribas will be presented according to this new template.

The results of BeLux Retail Banking will be published in two formats, according to the template already used for French Retail Banking and BNL bc: (i) BeLux Retail Banking including 2/3 of Belgian Private Banking revenues, and (ii) to allow the comparison with other retail networks in Belgium, BeLux Retail Banking including 100% of Belgian Private Banking revenues for Revenues to Pre-Tax Income line items. So as to make the analysis of these results easier, this contribution is presented on a pro forma basis for all quarters of 2009, according to the methodology discussed in Note 8.c of the consolidated financial statements as at 31 December 2009.

Furthermore, several transfers of activities have been performed, the most material one being the re-allocation of the retail banking business in French overseas territories, initially part of Emerging Markets Retail Banking (renamed Europe Mediterranean) and now integrated within French Retail Banking.

Finally, the equity allocation to the different businesses is now based on 7% of the risk-weighted assets, vs 6% previously.

So as to be comparable with 2010, 2009 results have been restated as if all these changes had been implemented as from 1st January 2009, with the contribution from BNP Paribas Fortis and BGL BNP Paribas to the Group's different business lines of course starting only as from 12th May 2009, the date of first consolidation. Obviously, these changes do not alter Group results, but only the divisional split.

The following appendices, which have not been audited, exhibit the 2009 results restated according to this new organisation:

• appendix 1: split of the contribution from BNP Paribas Fortis to 2009 results of BNP Paribas between the different business lines;

• appendix 2: quarterly results of BeLux Retail Banking, including the full 1st and 2nd quarters 2009 pro forma;

• appendix 3: main transfers of business;

• appendix 4: impact of equity allocation increase from 6% to 7% of risk-weighted assets;
• appendix 5: historical series restated for all business lines.

The grey parts are unchanged in comparison to the figures already published.

The Investor Relations team of BNP Paribas is at your disposal for any additional information.

Béatrice Belorgey, +33 (0)1 42 98 46 45 Thibaut de Clerck, +33 (0)1 42 98 23 40 Cyril Meilland, +33 (0)1 43 16 82 05 Claire Sineux, +33 (0)1 42 98 31 99 Pauline Allary, +33 (0)1 42 98 43 13

The unaudited pro forma combined financial information is presented for illustrative purposes only and does not indicate the financial results of the combined company had BNP Paribas and Fortis Bank actually been combined as of January 1, 2009, nor is it indicative of the results of operations in future periods.

APPENDIX 1: SPLIT OF THE CONTRIBUTION FROM BNP PARIBAS FORTIS BETWEEN THE GROUP'S DIFFERENT BUSINESS LINES*

9 (a 9) 2Q0 s fr 12 Ma 200 om y in m illio of e ns uro s	BN P P arib as For tis	FRB ( 2/3 FPB )	BN L bc ( 2/3 PBI t)	BeL ux R il eta Ban king ( 2/3 ) BPB	Eur ope Méd iter ran ean	Ban cW est	Per al Fina son nce	Equ ent Sol ipm utio ns	ail Ban Ret kin g	WA M	Ins ura nce	Sec ies Ser urit vice s	Inv nt Sol est me utio ns	Adv nd Cap isor y a ital Ma rket s	Fina ncin g Bus ines ses	CIB	Cor ate por Cen tre
Rev enu es	1, 441	34	3	382	74	0	21	42	555	115	0	9	123	388	82	470	292
Ope rati nd Exp Dep ng ens es a	-69 2	-21	-5	-30 0	-48	1	-10	-11	-39 3	-88	0	-6	-94	-10 2	-60	-16 2	-43
Gro Op ting Inc ss era om e	748	13	-2	82	26	1	11	31	162	27	0	2	29	286	22	308	249
Cos t of risk	-29 5	-18	-14	-11 1	-18	0	-11	-33	-20 4	1	0	0	0	-7	-93	-99	9
Op ting Inc era om e	454	-4	-16	-28	8	1	0	-2	-42	28	0	2	29	279	-71	209	258
Ass ocia ted Com ies pan	23	0	0	1	0	0	1	0	2	5	8	0	13	0	4	4	4
Oth er I tem s	-2	0	0	1	0	0	0	0	1	-2	0	0	-2	0	-2	-2	1
Pre -Ta x In com e	475	-4	-16	-26	8	1	1	-2	-40	30	8	3	40	279	-68	211	263

3Q0 9 in m illio of e ns uro s	BN P P arib as For tis	FRB ( ) 2/3 FPB	BN L bc ( t) 2/3 PBI	BeL ux R il eta Ban king ( 2/3 ) BPB	Eur ope Méd iter ran ean	Ban cW est	Per al Fina son nce	Equ ent Sol ipm utio ns	ail Ban Ret kin g	WA M	Ins ura nce	Sec ies Ser urit vice s	Inv nt Sol est me utio ns	Adv nd Cap isor y a ital Ma rket s	Fina ncin g Bus ines ses	CIB	Cor ate por Cen tre
Rev enu es	2, 233	64	6	782	93	0	45	55	044 1,	213	-1	17	230	390	127	517	442
Ope rati Exp nd Dep ng ens es a	-1, 290	-46	-5	-55 1	-10 9	1	-18	-23	-75 2	-17 0	0	-9	-17 9	-16 3	-12 8	-29 1	-68
Gro Op ting Inc ss era om e	943	17	0	231	-16	1	27	31	292	43	0	9	51	227	-1	227	373
Cos t of risk	-33 1	-11	-6	-16 8	-23	0	-23	-26	-25 6	-1	0	0	0	-6	-12 0	-12 6	51
Op ting Inc era om e	612	7	-5	63	-39	1	4	5	36	42	0	9	51	222	-12 1	101	424
Ass ocia ted Com ies pan	-5	0	0	1	0	0	1	0	2	2	-14	0	-12	0	-1	-1	6
Oth er I tem s	-33	0	0	1	0	0	0	0	1	3	0	0	3	0	1	1	-38
Pre -Ta x In com e	574	7	-5	65	-39	1	5	5	38	48	-15	9	42	222	-12 1	101	392

4Q0 9 in m illio of e ns uro s	BN P P arib as For tis	FRB ( 2/3 ) FPB	BN L bc ( 2/3 t) PBI	BeL ux R eta il king Ban ( ) 2/3 BPB	Eur ope Méd iter ran ean	Ban cW est	Per al Fina son nce	Equ ipm ent Sol utio ns	ail Ban Ret kin g	WA M	Ins ura nce	Sec ies Ser urit vice s	Inv nt Sol est me utio ns	Adv nd Cap isor y a ital Ma rket s	Fina ncin g Bus ines ses	CIB	Cor ate por Cen tre
Rev enu es	1, 619	63	5	767	136	0	46	62	1, 079	230	-1	15	244	18	183	201	94
Ope rati Exp nd Dep ng ens es a	-1, 165	-52	-5	-59 3	-10 8	1	-27	-29	-81 3	-15 2	0	-10	-16 2	-14 7	-10 8	-25 5	65
Gro Op ting Inc ss era om e	454	11	1	174	27	1	18	34	266	78	0	5	82	-12 8	75	-53	159
Cos t of risk	-22 8	-28	2	-73	-49	0	-34	-48	-23 0	-13	0	0	-14	7	44	51	-36
Op ting Inc era om e	226	-17	3	101	-21	1	-16	-14	36	65	0	5	69	-12 2	119	-2	123
Ass ocia ted Com ies pan	41	0	0	-1	0	0	1	0	0	8	14	0	22	0	17	17	2
Oth er I tem s	43	0	0	-7	-1	0	0	0	-9	2	0	0	2	-1	-2	-3	53
Pre -Ta x In com e	311	-17	3	92	-22	1	-15	-14	28	74	14	5	92	-12 2	134	12	179

*Equity allocated at 7% of risk-weighted assets and allocation to the Corporate Centre of the amortisation of "Purchase Price Accounting" adjustments resulting mainly from the adjustments to fair value of the banking book. - 3 -

APPENDIX 2: BELUX RETAIL BANKING* WITH EQUITY ALLOCATED AT 7% OF RWA

in millions of euros	1Q09 pro forma	2Q09 pro forma	3Q09	4Q09	2009 pro forma
BELUX RETAIL BANKING
Revenues	784	781	810	799	3,174
Operating Expenses and Dep.	-587	-587	-568	-610	-2,352
Gross Operating Income	197	194	242	189	822
Cost of risk	-77	-132	-168	-74	-451
Operating Income	120	62	74	115	371
Associated Companies	0	1	1	-1	1
Other Non Operating Items	1	1	1	-7	-4
Pre-Tax Income	121	64	76	107	368
Income Attributable to Investment Solutions	-13	-14	-11	-15	-53
Pre-Tax Income of BeLux Retail Banking	108	50	65	92	315
Cost/Income					74.1%
Allocated Equity (€bn)					3.1
Pre-Tax ROE					10.0%

* Including 100% of Belgian Private Banking for Revenues to Pre-Tax Income line items.

APPENDIX 3: MAIN TRANSFERS OF BUSINESSES WITHIN BNP PARIBAS SCOPE (EXCLUDING FORTIS)*

in millions of euros	From	To		P&L 2009
			Rev	Costs	CoR
French overseas territories	Emerging Markets	FRB	195	-158	-5
Consolidation within FRB of all networks in French territories	Retail Banking
SERVICING Transfer to the domestic networks of the contribution from their leasing business	Equipment Solutions	FRB	58	-30	-3
PERSONAL FINANCE Italy Transfer of mortgage finance to BNL bc	Personal Finance	BNL bc	60	-30	-24
PERSONAL FINANCE Belgium Business in the process of being sold following the acquisition of Fortis	Personal Finance	Corporate Centre	37	-29	-8

* With equity allocated at 7% of RWA.

APPENDIX 4: IMPACT OF EQUITY ALLOCATION INCREASE TO 7% OF RWA* (EXCLUDING BNP PARIBAS FORTIS)

	2 0 0 9 p u	b l is he d r l ts w esu % f r is k w 6 on o e	i h n ive t t orm a ig h d a te ts sse	i ty eq u	2 0 0 9 r l i h n ive i % f r is k w ig h d a ts w t t ty 7 te ts esu orm a eq u on o e sse
2 0 0 9	A d Eq l loc te a i ** ty u	Re ven ues	Pre -Ta x Inc om e	Pre -Ta x R O E	l loc A te a	d i ** Eq ty u	Re ve	nu es	inc Pre -Ta x om e		O Pre -Ta R E x
	in € bn	in €m n	in €m n	%	in € bn	( ) Va in € bn r	in €m n	( ) Va in €m r n	in €m n	( ) Va in €m r n	%	Va r
ail ban kin Ret g	1 7. 1	1 7, 9 6 0	2, 1 8 3	% 1 3	2 0. 5	3. 4	1 8, 1 1 9	1 5 9	2, 3 5 3	1 7 0	% 1 1	1 p t -
( ) Fre h Re i l Ba k ing inc lu d ing 2 / 3 o f Pr iva Ba k ing in Fra ta te nc n n nce	4. 0	5, 8 0 1	1, 4 3 0	3 6 %	5. 0	1. 0	5, 8 4 6	4 5	1, 4 7 5	4 5	3 0 %	6 p t -
( / ) B N L ban ia le Inc lu d ing 2 3 o f Pr iva te Ba k ing in I ta ly ca com me rc n	3. 7	2, 8 9 7	5 4 0	1 4 %	4. 4	0. 6	2, 9 2 7	3 0	5 7 1	3 1	1 3 %	2 p t -
Eu Me d i ter rop e ran ean	2. 2	3 1, 7 5	8 1 4 -	n.s	2. 6	0. 4	1, 7 5 7	2 2	2 1 4 -	2 4	n.s	n.s
B A N C W E S T	2. 8	2, 1 3 8	2 2 3 -	n.s	3. 2	0. 5	2, 1 6 2	2 4	1 9 9 -	2 4	n.s	n.s
l ina Pe F rso na nce	2. 9	4, 3 0 2	4 1 2	% 1 4	3. 5	0. 7	4, 3 2 7	2 5	4 4 6	3 4	% 1 3	2 p t -
Eq ip So lu ion t t u me n s	1. 5	1, 0 8 7	1 2 7	1 2 %	1. 7	0. 3	1, 0 9 9	1 2	1 8 4	1 2	1 1 %	1 p t -
I N V E S T M E N T S O L U T I O N S	4. 8	4, 7 6 8	1, 2 9 0	2 7 %	5. 0	0. 3	4, 7 8 0	1 2	1, 3 0 3	1 3	2 6 %	1 p t -
l h a d We t As t Ma t a n se nag em en	0. 9	2, 3 8 4	5 6 9	% 6 6	1. 1	0. 2	2, 3 9 2	8	5 7 8	9	% 5 4	1 1 p t -
I N S U R A N C E	3. 6	1, 2 8 3	5 4 6	1 5 %	3. 7	0. 0	1, 2 8 3	0	5 4 6	0	1 5 %	0 p t +
Se i t ies Se ice cur rv s	0. 2	1, 1 0 1	1 7 5	7 2 %	0. 3	0. 1	1, 1 0 5	4	1 7 9	4	5 5 %	1 7 p t -
C I B	9. 8	1 2, 1 9 4	4, 4 4 4	4 5 %	1 1. 5	1. 7	1 2, 2 7 8	8 4	4, 5 2 8	8 4	3 9 %	6 p t -
A dv iso d Ca i ta l Ma ke ts ry an p r	4. 3	9, 0 8 6	3, 8 1 2	8 8 %	5. 1	0. 8	9, 1 2 5	3 9	3, 8 5 1	3 9	7 5 %	1 3 p t -
ina ing ine F Bu nc s sse s	5. 5	3, 1 0 8	6 3 2	% 1 2	6. 4	0. 9	3, 1 5 3	4 5	6 7 7	4 5	% 1 1	1 p t -
Co Ce te tre rp ora n		2 3 -					-2 7 8	-2 5 5

* Along with these changes, the equity allocation related to minority stakes in financial institutions was raised from 50% to 100% of the invested amount. The impact of this change is most material for FRB, because of its stake in Crédit Logement, and Personal Finance, because of its partnerships. ** Average 2009

APPENDIX 5: RESTATED QUARTERLY SERIES FOR 2009 (CONTRIBUTION FROM BNP PARIBAS FORTIS AS FROM 12 MAY 2009, DATE OF FIRST CONSOLIDATION)

in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
FRENCH RETAIL BANKING (including 100% of Private Banking in France*)
Revenues	1,598	1,621	1,638	1,613	6,470
Incl. Net Interest Income	934	945	945	921	3,745
Incl. Commissions	664	676	693	692	2,725
Operating Expenses and Dep.	-1,021	-1,054	-1,140	-1,152	-4,367
Gross Operating Income	577	567	498	461	2,103
Cost of risk	-93	-142	-128	-155	-518
Operating Income	484	425	370	306	1,585
Non Operating Items	1	0	0	0	1
Pre-Tax Income	485	425	370	306	1,586
Income Attributable to Investment Solutions	-25	-25	-25	-27	-102
Pre-Tax Income of French Retail Bkg	460	400	345	279	1,484
Cost/Income					67.5%
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
FRENCH RETAIL BANKING (including 100% of Private Banking in France*) Excluding PEL/CEL Effects
Revenues	1,602	1,635	1,659	1,645	6,541
Incl. Net Interest Income	938	959	966	953	3,816
Incl. Commissions	664	676	693	692	2,725
Operating Expenses and Dep.	-1,021	-1,054	-1,140	-1,152	-4,367
Gross Operating Income	581	581	519	493	2,174
Cost of risk	-93	-142	-128	-155	-518
Operating Income	488	439	391	338	1,656
Non Operating Items	1	0	0	0	1
Pre-Tax Income	489	439	391	338	1,657
Income Attributable to Investment Solutions	-25	-25	-25	-27	-102
Pre-Tax Income of French Retail Bkg	464	414	366	311	1,555
Cost/Income					66.8%
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
FRENCH RETAIL BANKING (including 2/3 of Private Banking in France)
Revenues	1,545	1,566	1,580	1,556	6,247
Operating Expenses and Dep.	-993	-1,025	-1,108	-1,123	-4,249
Gross Operating Income	552	541	472	433	1,998
Cost of risk	-93	-141	-127	-154	-515
Operating Income	459	400	345	279	1,483
Non Operating Items	1	0	0	0	1
Pre-Tax Income	460	400	345	279	1,484
Allocated Equity (€bn)					5.6
Pre-Tax ROE					26.4%

in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
BNL banca commerciale (Including 100% of Private Banking in Italy*)
Revenues	727	741	760	775	3,003
Operating Expenses and Dep.	-426	-445	-442	-488	-1,801
Gross Operating Income	301	296	318	287	1,202
Cost of risk	-115	-165	-185	-206	-671
Operating Income	186	131	133	81	531
Non Operating Items	0	1	0	-1	0
Pre-Tax Income	186	132	133	80	531
Income Attributable to Investment Solutions	0	-2	-3	-2	-7
Pre-Tax Income of BNL bc	186	130	130	78	524
Cost/Income					60.0%
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
BNL banca commerciale (Including 2/3 of Private Banking in Italy)
Revenues	722	734	753	766	2,975
Operating Expenses and Dep.	-421	-441	-437	-481	-1,780
Gross Operating Income	301	293	316	285	1,195
Cost of risk	-115	-164	-186	-206	-671
Operating Income	186	129	130	79	524
Non Operating Items	0	1	0	-1	0
Pre-Tax Income	186	130	130	78	524
Allocated Equity (€bn)					4.6
Pre-Tax ROE					11.4%

in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
BELUX RETAIL BANKING (Including 100% of Private Banking Belgium*)
Revenues	0	402	810	799	2,011
Operating Expenses and Dep.	0	-309	-568	-610	-1,487
Gross Operating Income	0	93	242	189	524
Cost of risk	0	-111	-168	-74	-353
Operating Income	0	-18	74	115	171
Associated Companies	0	1	1	-1	1
Other Non Operating Items	0	1	1	-7	-5
Pre-Tax Income	0	-16	76	107	167
Income Attributable to Investment Solutions	0	-10	-11	-15	-36
Pre-Tax Income of BeLux Retail Banking	0	-26	65	92	131
Cost/Income					73.9%
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
BELUX RETAIL BANKING (Including 2/3 of Private Banking Belgium)
Revenues	0	383	782	766	1,931
Operating Expenses and Dep.	0	-300	-551	-593	-1,444
Gross Operating Income	0	83	231	173	487
Cost of risk	0	-111	-168	-73	-352
Operating Income	0	-28	63	100	135
Associated Companies	0	1	1	-1	1
Other Non Operating Items	0	1	1	-7	-5
Pre-Tax Income	0	-26	65	92	131
Allocated Equity (€bn)					1.9
Pre-Tax ROE					6.7%

in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
EUROPE MEDITERRANEAN
Revenues	429	468	452	498	1,847
Operating Expenses and Dep.	-236	-286	-333	-339	-1,194
Gross Operating Income	193	182	119	159	653
Cost of risk	-162	-218	-234	-255	-869
Operating Income	31	-36	-115	-96	-216
Associated Companies	6	-4	4	6	12
Other Non Operating Items	0	1	0	-1	0
Pre-Tax Income	37	-39	-111	-91	-204
Cost/Income					64.6%
Allocated Equity (€bn)					2.9
Pre-Tax ROE					n.s.
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
BANCWEST
Revenues	561	552	549	500	2,162
Operating Expenses and Dep.	-309	-316	-267	-275	-1,167
Gross Operating Income	252	236	282	225	995
Cost of risk	-279	-299	-342	-275	-1,195
Operating Income	-27	-63	-60	-50	-200
Non Operating Items	1	1	0	1	3
Pre-Tax Income	-26	-62	-60	-49	-197
Cost/Income					54.0%
Allocated Equity (€bn)					3.2
Pre-Tax ROE					n.s.
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
PERSONAL FINANCE
Revenues	1,026	1,064	1,103	1,147	4,340
Operating Expenses and Dep.	-508	-509	-493	-558	-2,068
Gross Operating Income	518	555	610	589	2,272
Cost of risk	-415	-462	-513	-548	-1,938
Operating Income	103	93	97	41	334
Associated Companies	14	19	15	13	61
Other Non Operating Items	1	26	-1	5	31
Pre-Tax Income	118	138	111	59	426
Cost/Income					47.6%
Allocated Equity (€bn)					3.5
Pre-Tax ROE					12.1%
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
EQUIPMENT SOLUTIONS
Revenues	197	291	336	376	1,200
Operating Expenses and Dep.	-166	-181	-196	-197	-740
Gross Operating Income	31	110	140	179	460
Cost of risk	-47	-77	-88	-95	-307
Operating Income	-16	33	52	84	153
Associated Companies	-4	-3	4	0	-3
Other Non Operating Items	0	0	0	-2	-2
Pre-Tax Income	-20	30	56	82	148
Cost/Income					61.7%
Allocated Equity (€bn)					2.0
Pre-Tax ROE					7.3%

in millions of euros INVESTMENT SOLUTIONS	1Q09	2Q09	3Q09	4Q09	2009
Revenues	1,146	1,330	1,436	1,451	5,363
Operating Expenses and Dep.	-820	-941	-1,029	-1,045	-3,835
Gross Operating Income	326	389	407	406	1,528
Cost of risk	-12	-24	13	-18	-41
Operating Income	314	365	420	388	1,487
Associated Companies	-9	21	-7	6	11
Other Non Operating Items	-4	-28	2	-5	-35
Pre-Tax Income	301	358	415	389	1,463
Cost/Income					71.5%
Allocated Equity (€bn)					5.9
Pre-Tax ROE					24.9%
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
WEALTH AND ASSET MANAGEMENT
Revenues	546	721	833	835	2,935
Operating Expenses and Dep.	-418	-519	-607	-611	-2,155
Gross Operating Income	128	202	226	224	780
Cost of risk	-4	-23	-7	-18	-52
Operating Income	124	179	219	206	728
Associated Companies	-2	7	-2	-7	-4
Other Non Operating Items	-4	-2	2	-6	-10
Pre-Tax Income	118	184	219	193	714
Cost/Income					73.4%
Allocated Equity (€bn)					1.5
Pre-Tax ROE					47.1%
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
INSURANCE
Revenues	299	303	335	345	1,282
Operating Expenses and Dep.	-170	-181	-182	-192	-725
Gross Operating Income	129	122	153	153	557
Cost of risk	-7	-2	17	0	8
Operating Income	122	120	170	153	565
Associated Companies	-7	13	-6	13	13
Other Non Operating Items	0	-26	0	1	-25
Pre-Tax Income	115	107	164	167	553
Cost/Income					56.6%
Allocated Equity (€bn)					4.0
Pre-Tax ROE					13.8%
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
SECURITIES SERVICES
Revenues	301	306	268	271	1,146
Operating Expenses and Dep.	-232	-241	-240	-242	-955
Gross Operating Income	69	65	28	29	191
Cost of risk	-1	1	3	0	3
Operating Income	68	66	31	29	194
Non Operating Items	0	1	1	0	2
Pre-Tax Income	68	67	32	29	196
Cost/Income					83.3%
Allocated Equity (€bn)					0.3
Pre-Tax ROE					57.4%

in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
CORPORATE AND INVESTMENT BANKING
Revenues	3,728	3,851	3,478	2,440	13,497
Operating Expenses and Dep.	-1,772	-1,635	-1,418	-1,349	-6,174
Gross Operating Income	1,956	2,216	2,060	1,091	7,323
Cost of risk	-697	-844	-698	-234	-2,473
Operating Income	1,259	1,372	1,362	857	4,850
Associated Companies	-2	4	1	18	21
Other Non Operating Items	2	3	-5	-5	-5
Pre-Tax Income	1,259	1,379	1,358	870	4,866
Cost/Income					45.7%
Allocated Equity (€bn)					15.1
Pre-Tax ROE					32.2%
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
ADVISORY AND CAPITAL MARKETS
Revenues	2,931	3,039	2,571	1,380	9,921
Operating Expenses and Dep.	-1,484	-1,281	-997	-985	-4,747
Gross Operating Income	1,447	1,758	1,574	395	5,174
Cost of risk	-277	-304	-273	-86	-940
Operating Income	1,170	1,454	1,301	309	4,234
Associated Companies	-2	0	2	1	1
Other Non Operating Items	2	5	-7	-3	-3
Pre-Tax Income	1,170	1,459	1,296	307	4,232
Cost/Income					47.8%
Allocated Equity (€bn)					6.8
Pre-Tax ROE					62.3%
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
FINANCING BUSINESSES
Revenues	797	812	907	1,060	3,576
Operating Expenses and Dep.	-288	-354	-421	-364	-1,427
Gross Operating Income	509	458	486	696	2,149
Cost of risk	-420	-540	-425	-148	-1,533
Operating Income	89	-82	61	548	616
Non Operating Items	0	2	1	15	18
Pre-Tax Income	89	-80	62	563	634
Cost/Income					39.9%
Allocated Equity (€bn)					8.3
Pre-Tax ROE					7.6%
in millions of euros	1Q09	2Q09	3Q09	4Q09	2009
CORPORATE CENTRE (INCLUDING BNP PARIBAS CAPITAL AND KLEPIERRE)
Revenues	123	-246	194	558	629
Operating Expenses and Dep.	-123	-184	-205	-177	-689
incl. restructuring costs	-5	-20	-33	-115	-173
Gross Operating Income	0	-430	-11	381	-60
Cost of risk	-6	-5	43	-40	-8
Operating Income	-6	-435	32	341	-68
Associated Companies	-22	21	43	32	74
Other Non Operating Items	3	276	61	13	353
Pre-Tax Income	-25	-138	136	386	359

CONTENTS

Appendix 1: SPLIT OF THE CONTRIBUTION FROM BNP PARIBAS FORTIS BETWEEN THE GROUP'S DIFFERENT BUSINESS LINES	3
Appendix 2: BELUX RETAIL BANKING WITH EQUITY ALLOCATED AT 7% OF RWA	4
Appendix 3: MAIN TRANSFERS OF BUSINESSES WITHIN BNP PARIBAS SCOPE (excluding Fortis)	5
Appendix 4: IMPACT OF EQUITY ALLOCATION INCREASE TO 7% of RWA (excluding BNP Paribas Fortis)	6
Appendix 5: RESTATED QUARTERLY SERIES FOR 2009 (contribution from BNP Paribas Fortis as from 12 May 2009, date of first consolidation)	7